Coinbase, the largest U.S. based crypto exchange, is slowly losing its appeal to customers as failures, data breaches, and expensive transaction fees all affect efficient trading on the platform.
In a recent Twitter poll by a crypto analyst, Josh Rager, 66% of the 5000 votes+ cast said they would be willing to delete or stop using their Coinbase account after recent crashes on the exchange.
Results from Delete/Stop Using Coinbase poll:
Out of the 5000 responses that answered either Yes or No:
66% said “Yes” – they would be willing to delete or stop their Coinbase account
33% said “No” – they would not stop using Coinbase
Interested to see the long term results
— Josh Rager 📈 (@Josh_Rager) June 6, 2020
The New York-headquartered crypto exchange is slowly dying as multiple factors culminate in users leaving the platform in the past few days.
In this article, we discuss the rise and (possible) fall of the mighty crypto exchange, Coinbase.
The rise and rise of Coinbase exchange
At the start of 2012’s summer, Coinbase was co-founded by current CEO Brian Armstrong, Fred Ehrsam, and Blockchain.info co-founder, Ben Reeves. At its launch in October the same year, Coinbase provided buying, selling, and trading Bitcoin (BTC) services using U.S. bank transfers.
After several funding rounds from top VCs, Coinbase finally reached the million user mark in 2014. The company currently boasts of over 30 million users globally. However, it is during the 2017 bullish run that the exchange saw its most significant year yet, recording a total revenue of $1 billion as the market blossomed and Bitcoin reached its all-time high price of near $20.000 USD.
The exchange gained its prestige through 2018 crypto winter – altcoins that were listed on the exchange immediately pumped, hence the common term, “Coinbase pump”, used widely at that time in the markets.
The exchange expanded its operations to Europe later that year through its Coinbase International Inc. subsidiary targeting a global audience.
However, the once dubbed, “Apple of Exchanges” is morphing into just “another exchange” as Vijay Boyapati, once said. Several issues are compiling on the exchange, and this may be the start of a death spiral for Coinbase.
‘Coinbase hanging by a thread’
Multiple system crashes in 2020
In almost (if not all) of the Bitcoin large pumps and dumps in 2020, the Coinbase platform has faced a crash leading to a loss in profits for users and traders on the platform. On January 30, Coinbase Pro, the institutional-grade exchange went down for maintenance for several minutes leading to several users leaving the platform.
In the next five months, Coingape covered two major crashes on the platform – on April 30 and May 10 – as the price of BTC fluctuated wildly. These, however, represent only part from the several malfunctions the exchange has faced so far in 2020.
Selling data to the government?
Reports from the crypto news website, The Block, recently showed the analytics wing of the exchange may be selling data to the Internal Revenue Service (IRS) and Drug Enforcement Agency (DEA). While the exchange maintains the data is all sourced from the publicly available data on the blockchain, the news shook the market’s trust in the exchange.
A tainted legal history?
Coinbase is also losing its prestige due to the increasing number of lawsuits against the exchange. One of the famous lawsuits against the exchange is the listing of Bitcoin Cash, a BTC spinoff in 2017. In 2019, a U.S judge in the Northern District of California received a filing claiming “that Coinbase breached its duty to maintain a functional market” while listing BCH – with insider trading rumours flying around.
Competent competitors are finally here
For a sometime Coinbase has enjoyed a kind of monopoly over the cryptocurrency trading in the western hemisphere of the world – especially the United States. The exchange is finally getting real competition in top exchange such as Binance, which expanded to the U.S under Binance.US, and Gemini, the Winklevoss-owned compliant exchange that has opened an account with JP Morgan alongside Coinbase.
The recent misgivings on Coinbase exchange’s trading platform compound its high trading and transaction fees signaling a possible start to an end. With the rise of other exchanges possibly challenging Coinbase, can the team fight off its developmental and publicity problems and keep its place at the helm?
SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project
Bitcoin Press Release: Blockchain eco project SafeEarth has donated over $100,000 to TheOceanCleanUp charity with more donations planned for other global charities.
16th April, 2021, London, UK — SafeEarth, a blockchain eco project, has donated over $100,000 to community selected charity TheOceanCleanUp. The donated funds will help towards the removal of plastic waste from the planet. This generous donation represents the first act of SafeEarth’s continuing initiative to help charities across the globe.
The money was raised from SAFEEARTH token transaction fees. From each token transaction a portion of the fees will continue to be used for further donations to charities that focus on green initiatives as SafeEarth looks to effect a lasting and positive change on the planet.
The Ocean Cleanup Head of IT Steven Bink offered his thanks to Safe Earth on Twitter, stating:
“Dear SafeEarth community. On behalf of the entire crew at The Ocean Cleanup, I would like to thank you for this very generous donation. We are also honored that you chose The Ocean Cleanup to be the first charity to receive this gift from @SafeEarthETH”
Safe Earth & Earth Fund
Deforestation, pollution, global warming and many other factors have had an adverse effect on the environment for decades. As the world shifts more towards renewables and eco-friendly alternatives, initiatives like that of Safe Earth represent a changing mentality in industry
SafeEarth’s sole focus is to generate capital and build a community which is able to repair the ecological damage done to the planet. Safe Earth also collaborates with another green charity called The Earth Fund, which has raised around 50 ETH ($125,000 at the time of writing) to be used for similar causes.
As a part of their plan to raise awareness for ecological causes SafeEarth have also started a #PlasticChallenge on twitter, which urges people to get rid of plastic waste. The challenge (which launched on 27th of March) rewards users from a prize pool of $3,600 in SAFEEARTH tokens.
In the short time since the challenge began the SAFEEARTH token has been listed on the number one DEX Uniswap, recorded $3 million in trading volume and locked away more than $1.5 million in liquidity.
SAFEEARTH Token Burn & Benefits
The SAFEEARTH token is a deflationary asset that uses an autonomous yield and liquidity generation protocol. Each transaction charges a total of 4% in fees, which is then broken up evenly with 1% going to charities, 1% refunded to holders, 1% for advertising and 1% token lock-ups to increase liquidity. By burning at least 50% of the total supply after launch, (which will go to a black hole address) SafeEarth ensures increased token scarcity and liquidity.
$SAFEMARS is the sister token to SafeEarth and available on PancakeSwap exchange. The token uses very similar tokenomics to SAFEEARTH and over 50% of the tokens have already been burned. As none of the transaction fees from SafeMars go towards charity the company has chosen to give more back to users, with a total of 2% going instantly back to the holders wallets and the other 2% is auto-locked to increase scarcity and liquidity. Right now the number of $SAFEMARS holders is growing steadily with 93,699 holders at the time of writing.
Save Earth Through Safe Earth
Harnessing blockchain technology through it’s unique protocol in the interest of both charitable giving and community incentives is helping SafeEarth to stand out from its competition. This $100,000 donation is just the beginning of the company’s mission to effect a lasting and positive change to the planet.
SafeEarth blockchain eco project is already gearing up for another large donation with another 35 ETH (roughly $87,600) reserved for 5 charities that focus on humanitarian causes, such as access to clean water and wildlife preservation. The charities will be chosen by the SafeEarth community and will be announced on Earth Day, April 22nd, 2021.
Media Contact Details
Contact Name: Bitcoin PR Buzz Press Team
Contact Email: email@example.com
Learn more about SafeEarth — https://safeearthcrypto.com/
Buy SafeEarth Coin on Uniswap — https://app.uniswap.org/#/swap
Take off with SafeMars — https://www.safemarscrypto.com/index.html
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SafeEarth is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?
Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.
The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday.
Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators behind the short-squeeze, claiming both had supplied “the real jet fuel” for the pump with their tweets and TV appearances.
“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” wrote Einhorn, according to Markets Insider.
Amid the orchestrated short-squeeze on GameStop by redditors on r/WallStreetBets, Elon Musk tweeted what some interpreted as his support for the endeavor. On Jan. 26, shortly after GME stock was pumped 91% in a single day, Musk tweeted the phrase “Gamestonk!!” accompanied by a link to the WallStreetBets sub-reddit.
Over the course of the next 24 hours, GME stock soared 134%, climbing from a unit price of $147 to $347. The following 24 hours brought even more fireworks, and by Jan. 28, the value of GameStop shares had hit an all time high of $483 — an 18,693% increase on the stock’s value just nine months earlier.
Chamath Palihapitiya appeared to voice his support for the short-squeeze on Jan. 27, when he told interviewers on CNBC that the GameStop saga was an example of the man on the street pushing back against the man on Wall Street.
Einhorn said that “quasi-anarchy” now reigns, based on what he sees as toothless regulation of the stock market. Einhorn compared the situation, where “the laws don’t apply to [Elon Musk]” to the defunding of the police force.
“Many who would never support defunding the police have supported — and for all intents and purposes have succeeded — in almost completely defanging, if not defunding, the regulators,” said Einhorn.
Previously Elon Musk was suggested to have unduly influenced the cryptocurrency market with his vocal support of Bitcoin (BTC) and Dogecoin (DOGE) via Twitter. Legal professionals suggested in February that Musk’s tweets may have acted as a catalyst for the coins’ gains at the time, and warned that such tweets could attract SEC attention.
Musk laughed off the suggestion at the time, claiming that he would welcome any SEC investigation into his tweets, and that he simply liked “dogs and memes.”
Turkey to ban cryptocurrency payments
A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.
According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.
The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.
While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.
Payment providers and digital wallets are widely used in Turkey to transfer fiat funds to crypto exchanges and vice versa. Major global exchange Binance partnered with local payment provider Papara when they first entered the Turkish market to provide a lira onramp for several different cryptocurrencies.
This new regulation means that users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways.
Historically, the Turkish government has always had a tight grip on the payment ecosystem. In 2016, Turkey banned major global payment provider PayPal in the country.
Crypto regulation is a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that they are monitoring the crypto ecosystem and working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.
Additional reporting by Cointelegraph Turkey’s Emre Günen.
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